Tesla Inc stock has seen a significant surge, closing up 2.9% at $400.99 on Tuesday and rising 1.55% in pre-market trading. This surge comes after multiple price target revisions by analysts, including Cantor Fitzgerald and Morgan Stanley.
What’s Behind the Surge?
Cantor Fitzgerald hiked Tesla’s price target from $255 to $365, maintaining a “neutral” rating. Morgan Stanley also raised Tesla’s target price from $310 to $400, maintaining an “overweight” rating. These revisions follow a series of upgrades and downgrades in recent weeks.
Year-to-Date Gains
Year-to-date, Tesla stock has gained over 61%, adding nearly $490 billion to investor wealth. The company’s market capitalization has increased from $797 billion at the beginning of 2024 to $1.287 trillion as of market close on Tuesday.
Analyst Ratings
The most significant price target hike in recent weeks came from Roth MKM analyst Craig Irwin, who was previously bearish on Tesla. Last week, Irwin raised the EV company’s price target by 347% from $85 to $380 and upgraded the rating to a “buy” from “neutral.”
“I don’t see very many negative catalysts… There are abundant positive catalysts… Bias is now to the upside, not the downside. The market cap may be huge… but they are doing big things,” Irwin said.
Consensus Rating
Overall, 33 analysts have a consensus rating of “Buy” on the Tesla stock, with the highest price target being $411 and the lowest price target being $24.86. The most recent analyst ratings by Cantor Fitzgerald, Morgan Stanley, and Deutsche Bank have an average price target of $378.33, implying a 6.86% downside.
Year-to-Date Performance
Tesla stock is up by 61.4% year-to-date, with the stock starting to rally steadily since the U.S. Presidential elections.
Investor Insights
The surge in Tesla stock has added significant value to investor wealth, highlighting the potential for growth and opportunity in the EV market. As analysts continue to revise their price targets, investors will be watching closely for any signs of change in the market.